Financial Results : Saudi Steel Pipe swings to SAR 14.5 mln profit in Q1 2022

Saudi Steel Pipe swings to SAR 14.5 mln profit in Q1 2022

28/04/2022 Argaam Exclusive

View other reports

Saudi Steel Pipe Co. (SSP) turned to a net profit after Zakat and tax of SAR 14.5 million in Q1 2022 against a net loss after Zakat and tax of SAR 8.5 million in the year-earlier period. 

 


Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 92.08 184.08 99.9 %
Gross Income 2.35 28.96 1130.6 %
Operating Income (6.15) 19.12 411.1 %
Net Income (8.48) 14.53 271.4 %
Average Shares 51.00 51.00 -
EPS (Riyals) (0.17) 0.28 271.4 %

The first-quarter net profit was driven by an increase in gross profit to SAR 28.96 million from SAR 2.35 million in Q1 2021. The company reported lower loss share from its affiliate, Global Pipe Co., to SAR 120,000 in Q1 2022 from SAR 2.99 million a year earlier.  

 

Moreover, administrative expenses decreased to SAR 5.59 million from SAR 7 million in Q1 2021. EBITDA came in at SAR 30.66 million, compared to SAR 5.13 million in Q1 2021.

 

The pipe manufacturer’s net profit after Zakat and tax skyrocketed from SAR 1.57 million in Q4 2021, thanks to improved gross profit amid higher sales volumes and better sales mix.

 

Shareholders’ equity, excluding minority interest, grew by 5.1% to SAR 509.73 million in the three-month period, from SAR 484.71 million a year earlier.

 

Accumulated losses reached SAR 45.84 million in Q1 2022, accounting for 8.99% of the company’s capital.

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.